CALGARY, Alberta, Dec. 2, 2003 (PRIMEZONE) -- Fred DaSilva, president & CEO of DMT Energy Inc. (Pink Sheets:DMTY) ("DMT" or the "Company"), is pleased to announce that the Company will participate in various ventures for up to $1,000,000 for the remaining 2003 calendar year. These monies will be used primarily for property acquisition, data acquisition and drilling costs.
Initially the company will focus on attaining a 15-40% working interest participation in a number of relatively low-risk prospects with potential to generate cash flow in the near term. The company also intends to attain a 5-15% working interest participation in some higher profile gas prospects in Northeast British Columbia.
DMT management and associates have conducted massive detailed geological and reservoir studies covering the Western Canadian Sedimentary Basin, primarily in Alberta and British Columbia, over the last 30 years. The geo-technical team has defined several diverse target areas and proposes to undertake an aggressive land acquisition and exploration program on certain identified properties.
Recent developments in data processing and analysis, geological mapping software and computer technology have afforded the ability to decipher vast datasets, which were previously impossible to evaluate. One of the principal technical advantages available to DMT is based on sophisticated techniques for evaluation of reservoir and production data developed by the Company's VP of Exploration, Don W. Hryhor (a well-known Calgary oil explorationist).
Mr. Hryhor has conducted numerous studies covering the entire provinces of Alberta and British Columbia including approximately 400,000 wells. These studies have identified several promising target areas and suspected underdeveloped trends with numerous possible infill locations considered to be worthy of further investigation.
This methodology has convincingly demonstrated its ability to evaluate reservoir performance and define prospective trends and define approximate drainage areas. This allows the company to more accurately understand reservoir potential, economics and risk; these studies will help guide DMT's strategic acquisition program. The company has entered into discussions with other experienced groups in an effort to develop strategic alliances in the further exploitation of this technology.
Management bios, project information and other relevant data will be available on DMT's website, www.dmtenergyinc.com, in the coming weeks.
For further information please contact Fred DaSilva, President & CEO at 403-264-7869 or Giuliano Tamburrino, CFO at 403-297-9238.
Certain information and statements included in this news release constitute "forward-looking" statements within the meaning of the Federal Private Securities Act of 1995. Such forward-looking statements include known and unknown risks, uncertainties and other factors, which may cause the results, performance, or achievements of the company to be materially different from any further results, performances, or achievements expressed or implied in such forward-looking statements.
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